Govt received 537 complaints against Sahara Q Shop

Corporate Affairs Ministry has received 537 complaints till date against Sahara Q Shop for not returning the matured amount to investors, Union Minister P P Chaudhary said today.

Following the complaints, the ministry has ordered inquiry, he added.

"The ministry has received 537 complaints till date against Sahara Q Shop Unique Products Range Ltd of Sahara Group for not returning the matured amount to investors," Chaudhary, who is the Minister of State for Corporate Affairs said.

Separately, he said that 77 "vanishing" companies remained untraced after having raised funds through initial public offers (IPOs).

Vanishing companies are those firms which cease to file their statements of return after raising capital, and whereabouts of their registered office or directors are not known.

From the initial public offerings (IPOs), which were issued during 1992-2005 period, a total of 238 firms were identified as vanishing companies.

"Due to the continuous efforts of the ministry, 129 companies have been traced and are now regular in filing statutory returns. Further, 32 vanishing companies were under liquidation proceedings," the minister said.

Now, the total number of vanishing companies stand at 177.

The Registrars of Companies have initiated legal action against their promoters and directors in respect of the vanishing companies, he added.